I have read conflicting views in recent weeks regarding the availability of entrepreneurs' relief for trading premises owned by a partnership and sold at a later date than when the business is sold.
I envisage the situation where the premises are owned by the partners jointly and recorded on the balance sheet as a partnership asset. The subsequent sale of premises would not be an 'associated disposal' which can be made within a three-year period as this is intended to apply to the situation where the asset is owned by an individual outside the partnership. Also the Budget guidance notes state that where a business is not disposed of but simply ceases there is a three-year time period allowed for assets in use at the time of cessation of the business.
Does that mean that if the partnership business is sold as a going concern rather than...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.